The cornerstone of an estate plan is a revocable living trust. Many people do not realize that having a Will alone does not avoid the potentially arduous process of probate. Probate is a court proceeding in which assets of a decedent are publicly inventoried and transferred to the decedent’s beneficiaries. It can be a lengthy and costly process, depending on the jurisdiction in which a person dies.
The revocable living trust is a tool to outline your wishes related to your assets and beneficiaries. To the extent your revocable living trust is funded prior to your death, your assets will be able to pass to your beneficiaries outside of probate, in a private and more efficient manner.
The revocable living trust may incorporate continuing trusts for your beneficiaries. A continuing trust for your spouse and/or descendants after your death can provide creditor protection, divorce protection, estate tax efficiencies and income tax planning opportunities. For example, your revocable trust may turn into a Dynasty Trust after your death.
To get started with the cornerstone of your estate plan, please contact us or fill out the NV Trust Lawyers Initial Estate Planning Questionnaire.